ElevenLabs, an AI voice startup headquartered in New York and largely based in London, has held early talks on a secondary share sale, according to people familiar with the matter.

The transaction could value the company at about US$22 billion.

The tender offer, which they said is expected by September, would let employees sell shares ahead of any initial public offering without issuing new stock.

The potential valuation would be about double ElevenLabs’ US$11 billion valuation after its February funding round.

The talks are still at an early stage and could change, the people said. ElevenLabs declined to comment.

ElevenLabs makes AI software that generates realistic voices in multiple languages for advertising, audiobooks, call centers, and sales training.

In May, the company said it had surpassed US$500 million in annual recurring revenue, a measure of forward-looking sales.

It has signed deals with Deutsche Telekom, Boston Consulting Group, and Revolut.

🔗 Source: Bloomberg

Recent ElevenLabs developments